Two men on trial for illegal money transfers amounting to Dh17.5 billion

Canadians used 27 companies as cover to transfer the money over the course of a year, Dubai prosecutors allege.

DUBAI // Two Canadians are on trial for using 27 companies as cover for making illegal money transfers valued at Dh17.5 billion over the course of a year.

Businessman SZ, 37, and AKZ, who is still at large, are charged at Dubai Court of Misdemeanours with practising activities that are outside the scope of their business licence.

National security officials were tipped off about the defendants, who are both of Iranian origin, in September 2012, after which an investigation revealed that the amount of money transferred was not equivalent to the size of the companies’ activities.

Records showed that the Emirati sponsors of the companies were unaware of the nature of company activities and merely sponsored them in return for an annual sum of Dh30,000.

The next hearing will be on September 2.